EUR/USD Forecast: Sellers about to retake control

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EUR/USD Forecast: Sellers about to retake control
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The EUR/USD pair trades around the 1.0800 mark ahead of Wall Street’s opening and after peaking at 1.0851 in the previous American session.

EUR/USD Current price: 1.0795 The United States Producer Price Index shrank by more than expected in May. European Central Bank officials cool down hopes for additional rate cuts. EUR/USD’s near-term picture suggests bears could soon take control. Financial markets cooled down after United States first-tier events shook the boards on Wednesday. The country published the May Consumer Price Index , which showed price pressures eased in the month more than anticipated.

Also, ECB policymaker Bostjan Vasle said the central bank would make data-dependent decisions and remarked additional rate cuts are possible if the baseline scenario holds. He also noted there’s a risk that the disinflation process could slow down while the wage momentum is still relatively strong. Data-wise, Germany released the May Wholesale Price Index, which rose 0.1% MoM and fell by 0.7% from a year earlier. Also, Eurozone Industrial Production fell in April, missing expectations.

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